BSF personnel keeping a tight vigil on the Indo-Pak border

Nifty closed higher by around .59 per cent on a weekly basis, we saw range bound market movements throughout last week. Tensions between India and Pakistan and concerns of North Korea’s nuclear missile test, were the key reasons for the loss of upward momentum. Investors are cautiously watching Pakistan’s military movements. Weekly and monthly charts of Nifty are still in buy mode, which will give investors opportunities to buy into lower levels. The India VIX and S&P 500 VIX are still lower and will support the markets at lower support levels of Nifty and Dow Jones. Nifty has support at 8779 and 8697, a decisive move below these levels can cause possible bull liquidation. Resistances for Nifty are at 8893 and 9069.